You’ve worked hard for the assets you’ve accrued over your lifetime. As a result, you must take the proper steps to protect them from probate, which is the often costly legal process of proving an estate plan valid and determining how assets should be dispersed. While a financial advisor can provide specific advice, here is some general information that all Texans should be aware of. 

FAQ About Probate in Texas

Are there different types of probate?

Independent administration is a simplified form of probate in the state. In this case, no bond is necessary and the executor isn’t required to receive the court’s permission to carry out the terms of the will, such as paying off debts and dispersing assets. Dependent administration does require these steps, so it’s usually a more drawn-out process.

How can I prevent my real estate from being probated? 

A Transfer on Death Deed (TODD) allows owners of real estate to avoid their property passing through probate. This deed stipulates that upon a person’s death, any real estate listed must be passed to a beneficiary they’ve chosen without the court’s intervention.

Are there assets that can’t be probated? 

Shared private property won’t be subject to probate because it will automatically pass to the surviving owner, most likely a spouse. The same will occur to any property that is held in joint tenancy. Life insurance proceeds, benefits from an annuity issued to the surviving spouse, and payable on death bank accounts are also not subject to probate. 

What happens if I die without a will?

In this case, your estate will be subject to probate and the court will ultimately decide how it’s to be dispersed. Not only can this harm your estate, but it can also cause much strife among your family. This highlights the importance of proper estate planning for all, but especially those with substantial assets. 

If you have more questions about probate in Texas, it’s time to get in touch with a knowledgeable financial advisor. In the Dallas-Fort Worth area, Economic Strategist provides support to those in the process of developing their estate plans. If you’re concerned about probate, they can explain your different asset protection options, including irrevocable spendthrift trusts. Call (214) 383-1350 today to register for an upcoming seminar or to schedule a private consultation with a financial advisor. You can also visit the website to learn more.